Member Info for SpArmada

I agree about Stag, is a great concern. On a positive note, NWS has had a great H2 and I hope that Thailand will contribute to the cash flow at some point. I hope the company proposes before 2034 the decommissioning of Stag, as soon as 2025 or 2026. Many UK upstream companies spend certain amount for abandonment and it is not the end of the world, for example Harbour or Enquest. I think OG's work highlights the dire situation with the ARO. The company must address it somehow and stop hiding the cost in the reports.

Welsh: https://open.substack.com/pub/zerogcos/p/a-troubled-south-east-oil-company?r=70r5i&utm_campaign=post&utm_medium=web&showWelcome=true

I agree, it was an interesting read before bed

New presentation about Vietnam showing PM428 among the Malaysian assets: https://www.jadestone-energy.com/wp-content/uploads/2024/01/20240126-Vietnam-NDUM-Project-Overview-vF.pdf

The share price may recover from the bottom it reached this weel, but come on, the company still has some troubles. I hope 2025 onwards look better than the last 2 years

Seriously, how uninformed are you about the company to say that "the money will be gushing in"? They have a massive opex per barrel this year, have to finish Akatara, drill a side-track in Montara and still pay more than $77 million for another stake at NWS. How do you see "the money will be gushing in" this year?

They can make FID in H2 2024, given they find the financing, which shouldn't be difficult as Vietnam really needs that natural gas to keep the lights on

Signed HoA for the gas sales

https://www.pvgas.com.vn/en-us/news/artmid/1355/articleid/13632/signing-of-heads-of-agreement-hoa-for-nam-du-and-u-minh-gas-fields-development

Last time it appointed a corporate broker was in 2021 and no capital raise was planned or necessary at that time

That's none sense, H2 2023 production from both PenMal and NWS was higher than expected and most 2024 capex is planned for H2. The company has a very small debt at the moment and, if necessary, it has the Working Capital Facility that is fullly undrawn.

There is no RNS because Phil Corbett is one of the worst IR in AIM, where the bar already is quite low.

That FPSO was offered to Chevron as a temporary solution while it fixes a FSO used at other field. That would delay the resumption of production from those licences,but allowing Jadestone to use an operational vessel without having to pay for the repairs. Also, Petronas has to approve the new business plan for the licences, which expire this year. I don't see a problem with Petronas allowing Jadestone to use the same infrastructure for all 3 licences, PM428, PM318 and PNLP. The development of every prospect that is confirmed through exploration would be quite fast and cheap.

Https://petrotalcorp.com/wp-content/uploads/2024/01/PetroTal-IR-Presenensation-v21-Final.pdf

Don't just look at debt and Mcap, the ARO liabilities for Montara and Stag plus other fields are staggering

Having said that, see you again at 800p

You just said same thing I wrote, but you added your own cherrypicking . As I said: "The actual price of the commodity always reflects somehow", so claiming that hedges would save the company from the current $2-2.5/MMBtu is pure naivety.

Net of expenses? Options and swaps have a cost and DEC must sign new hedges to comply with the covenants. The actual price of the commodity always reflects somehow. There is no secret on long-term hedging, if it was so easy and lucrative everybody would do it

And my estimation was based on finishing winter with inventories in the US at ATH, which would cause a catastrophe for the HH and other references, bringing it below $2 in spring and autumn, above $2 during summer. Production is growing faster than LNG export capacity will in 2024, and not only Permian is getting more and more gassier, the Canadian producers are also producing more natural gas. Juts look at it by yourself: https://ir.eia.gov/ngs/ngs.html

A real commodity tourist would value 2P reserves at $75/bbl. Give it $12/bbl as a high range instead.

Lukee: "comprised of an Asset Backed Securitization placed at the SPV". Placed at the SPV, not DEC, which only owns 20%, so it is not consolidated. DEC has just moved debt out of its perimeter and got $30m for the value left in the 80%.